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GASL: Long Setup Watch List

GASL: Nat Gas Bull 3 x Rltd Direxion

Monthly time frame:

  • From the July 2011 high we have a 3-wave down leg, hence we can count the move as a Zig Zag (ABC)
  • The December candlestick has a potential bottoming tail (With huge volume) that could mark the end of a downward move
  • Obviously on December it ended extremely oversold

GASL Monthly Chart
Larger Image


Weekly time frame:

  • From the assumed wave (B) established on June 23 to the December 15 low we have a potential impulsive down sequence with the last down leg being a thrust following a Triangle, strengthening the odds that the assumed wave (C) has been completed
  • In addition we have an Engulfing candlestick (Reversal pattern).
  • Last week Hammer could have established a higher low.
  • Notice the Slow Stochastic has triggered a buy signal coming from an extremely oversold reading

GASL Weekly Chart
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Daily time frame:

  • Given the corrective look of the current pullback odds should favor at least a 3-wave up leg from the December 15 low
  • The pullback could have formed a Bullish Flag
  • If Friday's lod has concluded the correction the next up leg should have an extension target in the range of 6.06-7.36
  • Therefore against last Friday's lod we have a long setup

GASL Daily Chart
Larger Image

 

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